Invoice factoring is a financial service offered by specific companies to their clients. The service can be in comparison with Invoice discounting in some countries. Any business entity can approach invoice factoring companies for urgent funds in lieu of their invoices which are paid at later date. The factoring companies will disburse funds by holding a small portion of commission for the transaction.
The essence of the business is speedy service but at the same time due diligences needs to be checked thoroughly. The customer shares the invoice with the factoring company. The company will have to check the genuineness of the invoice, payment terms etc. before releasing the money.
The process is time critical and time consuming. The factoring industry is constantly innovating ideas to improvise the process by adopting technical advancements using software. At the same time, manual intervention is essential to complete the process. Operational costs and timely completion are the challenges in front of the factoring industry.
The best possible approach is outsourcing the operation support to BPO companies. The BPO companies will have expertise and at the same time cost effective support. To put it precisely, Invoice Factoring Companies can save lots of time and operational costs by outsourcing their associated back office services.
We do the following tasks with high accuracy and at a short span of time:
• Check the scanned invoices and uploaded supporting documents from the ecadence system. The * Verify if everything is in order
• Scrutinizing the supporting documents submitted by them
• Check with the debtors about every customer and
• Finally approve invoice for release of funds
• We have experience handling invoice factoring bpo. You can read about one of such experience in this case study
• Our team of representatives is trained with various industry specific software.
• We use Subject Matter Experts (SME), a unique methodology to learn the execution of process from you.
• We have strong domain knowledge, aware of industry specific practices and understand country specific rules.
• We will work on your behalf and so you will never feel like the task is being outsourced.
• Complete flexibility in terms of working hours, prioritizing the work, manage surge in work load etc.